Ethereum News Today: BitMine's Ethereum Grab Mirrors 1990s Telecom and Internet Revolution

BitMine Immersion Technologies (BMNR) has intensified its accumulation of Ethereum, increasing its holdings to 3.5 million ETH, valued at approximately $11.2 billion at current prices according to reports. The Nasdaq-listed firm, led by Fundstrat's Tom Lee, added 110,288 ETH in recent weeks, bringing its total reserves to 2.9% of Ethereum's circulating supply according to analysis. This positions BitMine as the largest publicly traded entity holding Ether, surpassing Bitcoin-focused treasuries like Strategy Inc. (MSTR) in Ethereum-specific assets according to reports. The company also maintains $398 million in unencumbered cash, with $623 million allocated for further purchases according to data.

. The surge in BitMine's ETH acquisitions coincides with a broader decline in Ethereum's availability on centralized exchanges. Glassnode data indicates Ethereum's exchange balances have fallen to multi-year lows, undercutting Bitcoin's share on platforms like Binance and Coinbase. Analysts attribute this trend to institutional buying pressure, with BitMine's latest purchase marking one of the largest single institutional Ethereum acquisitions in recent months. Meanwhile, Ethereum's price has struggled to break above key resistance levels against Bitcoin, with the ETH/BTC pair stalling near long-term trendlines.

Institutional confidence in Ethereum's long-term value is further underscored by partnerships and investments. JPMorgan Chase & Co. recently allocated $102 million to BitMine, signaling a strategic approach to crypto exposure through traditional financial instruments. Separately, ARK Invest bolstered its holdings in BitMine, purchasing $5.8 million in shares across its ETFs amid a market downturn. These moves align with regulatory developments, including U.S. rules permitting staking exchange-traded products (ETPs) for Ethereum, which could unlock annual yields of 3–5% for investors.

BitMine's leadership transition has also drawn attention. The firm appointed Chi Tsang as CEO, replacing Jonathan Bates, and added three independent board members, including Robert Sechan and Olivia Howe. Tsang emphasized the firm's role as a bridge between traditional finance and blockchain innovation, liking Ethereum's potential to the telecom and internet revolutions of the 1990s. The overhaul follows a challenging period for ETH-linked assets, with U.S. Ethereum ETFs experiencing $728 million in net outflows over four trading days in late October.

Despite market volatility, BitMine remains committed to its goal of acquiring 5% of Ethereum's total supply. The firm's treasury strategy contrasts with recent sell-offs in the sector, as Ethereum's price has retraced from September highs to around $3,200, with technical indicators suggesting further consolidation. However, BitMine's CEO highlighted that Wall Street's interest in tokenizing assets on Ethereum underscores the cryptocurrency's role in a "super cycle" over the next decade.

The firm's aggressive accumulation has implications for Ethereum's price dynamics. With 3.5 million ETH in reserves, BitMine's holdings represent a significant portion of available supply, potentially reducing liquidity and influencing market behavior. Analysts note that continued institutional buying could stabilize Ethereum during downturns, mirroring Bitcoin's treasury strategies. As regulatory clarity improves and staking yields become more accessible, Ethereum's institutional adoption is expected to accelerate, with BitMine at the forefront of this shift.